WHAT ABOUT A MARKET, WHERE HIVE AND HIVE-BACKED TOKENS ARE THE ONLY MEANS OF SETTLEMENT?
INTRODUCTION
Kindly permit me, I want to think aloud.
What about a "Hive Market Place?"
A few days ago on this street, I stumbled on a post by 
A section of that post tried to posit that; length of a post should not be the only criteria to qualify a post for curation in Leofinance. He further suggested that, other factors that can be considered are;
- Post quality.
- The likelihood that the post will attract new users to Hive.
Below is that section of the post I am referring to;
But even then, even if a user shares a post on Instagram, is it really driving traffic to the ecosystem? Is it helping us grow? Who cares if I, on a daily basis, write a 3,000 word post with self made images, talking about the new shift in institutional investment patterns if only people who are already on Hive will read it? I mean, I would hope that it gets some votes and all of that of course, but let's compare this post with a One picture post with two paragraphs that the creator shares on Twitter and it goes viral, bringing 10 new Hive users. Odds are, no curation guild in the history of Hive will actively touch the second post (ok, maybe a couple of them would, but for the wrong reasons). The first one will probably get curated by one, or maybe even two guilds, especially if I am a newbie. But the second one is helping Hive one hundred times more than the first one, because it is actually pushing adoption and growth towards Hive. And yet, there hasn't been a single curation guild - and I am guilty of this as I was an important part of OCD for around 3 years - has focused in curating content that drives traffic, no matter the quality of the content. Quality is subjective, and if a shitty post by my standards shouldn't get curated and yet it brought 3 new users, well then perhaps I should think about expanding my standards. The best part is that google analytics allows curation guilds to review and track what posts or authors are bringing traffic to the platform, and we could reward them for that. We wouldn't need to get rid of that first paradigm, the one that encourages us to reward quality content. But perhaps, it shouldn't be the only curation paradigm we take into account when allocating the reward pool. Source
Perhaps, after assimilating this post, I started to brainstorm on how I can help attract more users to Hive through my posts. Lo! I considered a Hive based market place, which I have decided to call; a Hive Market place.
I had thought of other shorter names like; HiveNext and HiveTrade Hub. But for the purpose of this post, we will be using "Hive Market Place"
HIVE MARKET PLACE
Just like other online market places like Amazon, eBay, AliExpress, Jiji etc. Hive Market Place will be an e-commerce platform where Hive users can meet and exchange goods and services with Hive and other Hive backed tokens as the only means of settlement.
One of the things that will distinguish the "Hive Market place" from other online shopping centers would be that; Hive and other Hive backed tokens will be the only means of settlement.
MISSION AND VISION STATEMENTS
Mission statement:-
The mission of the Hive market place will be; to establish an era of a decentralized commerce within Hive Blockchain, where premium goods and services would be traded. Hive users that sell or provide different forms of services will be given a global platform to reach out to more potential customers. The secured, vast and transparent nature of the Hive Blockchain will be an added advantage to us. We will define the modalities of how people in the market place will operate for both buyers and sellers. This on the long run will help all hivers attain more economic stability.
Vision statement:-
To become the shopping destination and epicenter of all enthusiasts cryptocurrency and Blockchain, who will discover that the platform is the best place to buy and sell all kinds of products with their hive and other Hive backed tokens as a means of settlement. The aim is to create a market place that is very safe and secured.
IMPORTANCE OF "HIVE MARKET PLACE" TO HIVE ECOSYSTEM.
a. More people will become aware of #Hive, #Leo and other Hive backed tokens:-
The "Hive Market Place" will bring the real world uses of Hive and other Hive backed tokens.
b. Higher demand of Hive and other Hive backed tokens:-
Because Hive and and other Hive backed tokens will be all that will be used as means of exchange on this market place, their demand will go up which will translate to their improved value and enhance the attractiveness of the tokens to traders.
c. Development of the Hive ecosystem:-
The success of one vendor who owns a shop in the Hive Market Place can inspire other users to key in and maximize the opportunities therein, hereby creating more awareness to the general public.
d. Increased engagement in the Hive ecosystem:-
By the use of Hive and other native tokens to facilitate transactions seamlessly, it will enhance the user experience within the Hive ecosystem. Positive reviews will encourage users to increase their engagements and also explore other Hive based activities.
e. Publicity to the external world:-
Because the online shop is doing well, it will attract attention of people from outside the Hive community. This can lead to increased collaborations partnerships and integration with external investors.
f. Innovative use cases:-
The online Hive shop is the demonstration of a Blockchain technology beyond the normal use of crypto currencies. It will go a long way, encouraging people to wear their thinking caps to develop more projects like this.
g. Improved engagements:-
If adopted, this will increased the level of engagements around the Blockchain.
POSSIBLE CHALLENGES
a. Security:-
Granted, Blockchain offers great security, however, they are also prone to risks if they are not properly coded. Therefore, regular security audit must be in place. While the market place app is been designed or developed, the "craftmen" should consider using some features used by some privacy coins to protect the data of users, while efforts are made to strike a balance with regulatory bodies.
b. Adoption:-
Mass adoption is a challenge most new busineses normally have. People are not used to changes, they tend to stick to the old ways of doing things. However, lots of work need to be done in marketing, explaining to them that buying from Hive Market Place, which built on Blockchain technology can be seamless safer and cheaper.
c. Competition:-
New business are always faced with competition with already existing. Therefore, there must be a good game plan to convince people to respite their usual shops and start patronizing ours, it may come in form of incentives.
d. Educating new users:-
If a hive market place is set up, certainly, thousands and millions of new users will sign on to hive, many of whom may not be grounded on cryptocurrency before hand. Therefore, there will be challenges of educating them on how to sign up to hive, create wallets and use the keys and perform other activities on the market place.
e. Privacy of users:-
Because the details of the users would be an open secreat. Most potential users may shy away if they know about this detail.
f. Volatility of cryptocurrencies:-
Because the price of cryptocurrencies fluctuates it may create challenges with pricing. However, it can be taken care of since every transaction happens according to the prevailing market price of Hive or any of the Hive based tokens been used to consume the business transaction.
g. Token economics:-
It will be challenging to design a token economy that will encourage user to participation.
h. Scalability:-
This is particular with all cryptocurrency and hive is not an exception.
THINGS TO BE PUT IN PLACE TO ENSURE USERS GET VALUE FOR THERE MONEY. (SECURITY MEASURES)
The following should be considered to ensure users get value for their money.
a. Transparent praising:-
- There should be very clear display of prices, shipping fees.
*There should be no hidden charges on any item.
b. Return and refund policy:-
- A clear and fair return policy should be in place.
- This policy should be communicated to users on the website.
c. Customer support:-
- Ensure effective customer support through various channels. (Social media chats, email and telephone conversations) * See that all complaints are resolved and timely too.
d. Data privacy:- * Data of users should be protected. Even as you remain compliant to regulatory bodies.
- Ensure your data handling policies are communicated to users.
e. Quality control:-
- Quality control measures should be in place to ensure products sold here are of good quality.
- There should be spontaneous quality checks from time to time.
f. Guarantee and warranties:-
- Offer guarantee and warranties for certain products to build trust.
- the terms for the warrantees and guarantees should be clearly stated.
g. Security of website and customers data:-
- Very robost security measures should be in place to protect the website and customer data.
- A team of cyber security experts should be employed and retrained.
h. Audit and compliance:-
- There should be regular audits to ensure compliance with global best practices.
- Be abreast with changing laws.
i. Testing and certifying of products:-
- Products should meet good safety and quality standards.
- "Certification details" of products should be displayed for customers to see.
j. Ethical sourcing:- Here, the market place should be committed to ethical practices by sourcing the materials ethically and responsibly.
k. Use of escrow services:-
- This will promote trust for both the sellers and buyers.
- It will help to ensure users are not swindled.
l. Continuous improvement:-
Here, there should be conscious efforts to continue improving in all fronts, Products, services, feedbacks.
m. Ratings and Reviews:-
- Under every product displayed on the market place, there should be provision for customers can comment their review of that product.
- The reviews should be vetted to ensure that they are authentic.
n. Display of product information:-
- There should be detailed and accurate display of the description of the product. Which includes size, specifcation and quality.
- Size and pictures of the products from all angles should also be displayed.
WHAT I THINK HIVE ECOSYSTEM SHOULD DO TO BRING THIS PROJET TO LIFE.
a. Project planing:-
- The objective of the project should be clearly defined.
- Resource allocation. (Financial, human and technical) should be properly done.
- Create a workable project plan with responsibilities, objectives and deadlines.
b. Market research:-
- This is important to identify the targeted audience and thier needs.
- Identify competitors in the market. Analyze their strength and weaknesess and know how to improve on them.
c. Regulatory compliance:-
- Set up a legal structure to oversee all legal maters. * Ensure total compliance with e-commerce and other regulatory bodies.
d. Web Development:-
- Engage web developers to design a user friendly website.
- Ensure Hive is integrated into the website as web storage and retrieval.
- Ensure adequate security measures are in place for online transactions.
e. Integration of payment gateways:-
- After the site is developed, payment gateways should be properly integrated into it.
- Proper test of the gateway should be done to ensure good customer experience.
f. Arrangements for logistics and shipping:-
- Because its an online store, there should be proper arrangements with shipping and logistics companies to establish shipping processes.(there should be options)
- Make proper arrangements to provide customers with real-time tracking of their goods.
g. Marketing and advertising:-
- Start vigorous and all encompassing marketing and advertising process which will spread to other social media networks and include content creators also.
- Establish a knowledge base section to take care of all common customer enquires.
h. Conduct testing for quality assurance:- * Conduct a holistic and rigorous testing of the entire system to ensure perfect working conditions. (website, payment method and data retrieval system from hive blockchain)
- Identify and clear all bugs.
i. Scaling:-
- There should be plans for scalability while the shop grows.
- Consider cloud based solutions and infrastructure scaling options.
j. Customer feedbacks:-
- All customer feedbacks should be properly addressed and improvements made where appropriate.
- Always enhance user experience.
k. Form a Community:-
- Build a community around the online shop. So that they can engage amongst themselves and feel belonging.
- Encourage and appreciate user generated reviews.
l. Monitoring of website's performance and optimization:-
- The website should be closely monitored of sales, data and traffic.
- Identify areas of improvements with the help of analysis.
m. Plan for business sustainability:-
- Plan for a long term on how the business would grow and be sustained.
- Also plan on how to diversify into other sectors.
SUGGESTIONS OF THINGS THAT CAN DRIVE TRAFFIC TO THE "HIVE MARKET PLACE.
a. Incentive programs:-
There should be a sort of incentive programs that appreciates users that buy from the Hive Market Place, refer people, write a review etc. This will encourage people do alot of marketing for the online shop.
b. Advertisement:-
There may be need to bring in brand influencers or content creators to broadcast the news far and near.
c. Community engagement:-
While developing the market place, there should be a room for interactions and engagement. When people interact freely on any social media platform, they feel they belong to.
d. Partnerships:-
There may be need for collaborations and partnerships. Investors may be of great help too. #### e. Localized marketing:- More efforts should be channeled to areas where Blockchain technology have wider spread.
f. Transparency:-
Leverage on the advantages of Blockchain (transparency and security) to win new users.
g. Feedbacks:-
Create a feedback or whistle blowing channel, from where you get feedback from user. Ensure they are properly reviewed and improvements made.
h. Blockchain activities:-
As a form of advertisement, organize Blockchain events while you cease the opportunity to advertise the market place and connect with new users.
i. Periodic flash sales:-
Once in a while, create a sense of urgency with limited time discount on products. This helps create excitement in the market place.
j. Onboarding new users:-
There should be promotions Hive-wide, where already existing users can make posts of how they assisted new users create their profile and at least complete their first purchase from the Hive Market Place. Such a post with a specific tag should be rewarded with votes.
CONCLUSION.
Like i said earlier, I arrived at this idea because of the post I read from
Special regards to;
